Owners are generally responsible for both running costs (or vessel operating expenses) and voyage costs, except where “free in and out” (FIO) terms are agreed, in which case the charterer pays all cargo-handling costs at both ends. (In some cases the arrangement is “free in/liner out” or FILO, or liner in/free out” or LIFO, relieving owners of cargo-handling costs only at one end. )
Under a voyage charter, which party is responsible for the ship’s running costs (or vessel operating expenses) and voyage costs?
